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Synchrony Bank reviews: Perks online reward savings

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Maryalene LaPonsie | Money Rates Columnist

Posted: January 1, 2014
Banks

Synchrony Bank isn't new -- it was established with the FDIC in 1988 under its former name -- but its recently named Perks program (formerly Optimizer Plus accounts) is already making headway in rewarding customers for online savings accounts.

Synchrony Bank online bank accounts

After the company acquired MetLife Bank in January 2013, it re-labeled its offerings with the Optimizer Plus brand, which eventually became the Synchrony Bank Perks program. The rewards program offers both short-term and long-term savings options.

Currently, customers can open the following online-based accounts through Perks:

Award-winning CD rates

Perks accounts offer competitive rates for all its savings products as of this writing, but its CD rates have been noted as particularly attractive.

In a recent award, Money Magazine recognized Synchrony as having the best 12-month CD. The honor came as a part of Money's annual Best Banks in America feature. The report surveyed dozens of institutions to determine those with outstanding savings, checking and investment products.

A major benefit of Perks accounts is its loyalty rewards program. All members of Synchrony are automatically enrolled in Perks, which rewards customers based upon their account balance and how long their accounts have been open. Perks members don't have to track their rewards because Synchrony will do it for them.

Here are the different tiers and their benefits:

Synchrony Bank Basic

Tenure: Less than a year ANDBalance: Less than $10,000

New members start at the Synchrony Bank Basic level, which currently comes with the following rewards:

Up to $5 in ATM fee reimbursements per statement cycle

Free first order of checks for money market accounts

Free identity theft resolution services

After a year with the bank, customers get bumped up to one of four loyalty tiers: Silver, Gold, Platinum or Diamond. These tiers each come with their own set of travel discounts.

Silver Reward Tier

Tenure: 1+ years ORBalance: $10,000 to $49,999.99

The Silver tier offers the benefits provided at the basic level, and also has one additional travel bonus:

Hotel discounts

Gold Reward Tier

Tenure: 2+ years ORBalance: $50,000-$99,999.99

In addition to perks from the Silver level, Gold tier members receive:

Hotel preferred pricing

Discounts on car rentals

Platinum Reward Tier

Tenure: 3+ years ORBalance: $100,000 to $249,999.99

Loyal savers who have high balances at the Platinum tier benefit from several perks they can use on their next trip:

Hotel preferred pricing

Discounts at theme parks

Value-added amenities, from spas to golf

Restaurant offers

Car rental discounts

Diamond Loyalty Reward Tier

Tenure: 5+ years ORBalance: $250,000+

At the Perks program's highest level in the Diamond tier, customers have access to all the travel discounts offered at the Platinum level, including greater hotel discounts, and these added benefits:

Banking phone line exclusively for Diamond members

Access to VIP events

Three free wire transfers per statement cycle

Why choose Synchrony Bank and Perks

Beyond having some of the best CD rates, the customer service and secure banking options for Perks makes it a prime choice for consumers. Online banking is available 24/7, and phone representatives are available six days a week to provide personal assistance to customers.

The bank also offers free identity theft protection, and deposits of up to $250,000 per depositor are insured by the FDIC.

Although a relative newcomer on the scene of online bank accounts, the Synchrony Perks program offers some attractive benefits and some of the best interest rates currently available. Customers may also want to check out the company's IRA offerings and money market accounts. Together, Perks reward accounts offer a convenient way to consolidate both short-term savings and retirement funds in one easily accessible place.

For more on Synchrony Bank's latest rates and terms, please see the table below.

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7 Comments

Evelyn wilhelm6 March 2017 at 1:00 pm

How do I find out about the travel perks.

MARIAN LUFITZ26 February 2017 at 10:05 pm

How do I access the perks, and how do I use them?? Where do I find the answers to these two qestions??

Sam Patro30 December 2016 at 1:24 am

You can click on Rewards tab & then Travel Discounts to access the SO CALLED perks.
These are absolutely useless. Just to verify how much benefit I get for being in Platinum Tier, I checked hotel rate in my city (small one) for 2 nights and I got a special rate of $139/night ... then I check on hotels.com & wow, I got normal rate of $129/night.
So much for the Platinum tier perks ... my foot.

joseph tenerelli26 September 2016 at 8:30 pm

no where does it tell me how to access the perks. it great to have all of this but itof novalue if I can not find how to use the perks.

MARY Cornelia MCLAUGHLIN18 August 2016 at 6:50 pm

How do you use the hotel perks from Synchrony?

Milton O. Karl7 May 2016 at 4:02 pm

How do you obtain perks?????

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